Rusal On Track With Aluminum Production, Will Keep Reducing Workforce

MOSCOW, Aug 31, 2010 (Dow Jones Commodities News via Comtex) -- Russian aluminum giant United Co. Rusal PLC (0486.HK) is on track with its increase in production output and will continue reducing its workforce in the second half, the company's management said at a briefing Tuesday.

Rusal doesn't expect to restart alumina capacities in 2010, said deputy CEO Vladislav Solovyov. He added the firm will maintain current earnings before interest, taxation, depreciation and amortization margins for the second half of the year.

Aluminum prices will remain flat in 2010 but rise in 2011, he said.

Rusal doesn't expect an increase in LME aluminum stocks and expects them to reach a normalized level by 2012, director for corporate strategy Maxim Sokov said. Normal levels of LME aluminum consumption are between 40 and 45 days.